December 3, 2019 / 8:17 AM / 2 months ago

CARE ratings for Indian debt instruments-Dec 3

   Dec 3 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 2, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Arsha Seafood Exports                 ST Bk Fac          CARE A4        100     Assigned
Bhel Electrical Machines Ltd          ST Bk Fac          CARE A4        -       Revised   
                                                                                from
                                                                                CARE A4+ and
                                                                                Withdrawn
Brilliant Bio Pharma Pvt Ltd          ST Bk Fac          CARE A3+       350     Reaffirmed
(enhanced from 32.50 Crore)
Castron Technologies Ltd              ST Bk Fac          CARE A4        17.5    Revised from
                                                                                CARE A4+
(Issuer not cooperating; Based on best available information )
Chomu Chandwaji Tollways Pvt Ltd      ST Bk Fac          CARE A4        20      -
Revoked from Non Cooperation and Reaffirmed
Indus Projects Pvt Ltd                ST Bk Fac          CARE A3        160     Reaffirmed
Jaisri Shyam Food Products Pvt Ltd    ST Bk Fac          CARE A4        2.4     Reaffirmed
Kanhaiya Lal Agarwal                  ST BkFac           CARE A4        100     -
(Issuer not cooperating; Based on best available information )
Locuz Enterprise Solutions Ltd        ST Bk Fac          CARE A4+       220     -
(Issuer not cooperating; Based on best available information )
Mittal Pigments Pvt Ltd               ST BkFac           CARE A4        100     Reaffirmed
Musaddilal Mansaram Rice Mill         ST Bk Fac          CARE A4        60      -
(Issuer not cooperating; Based on best available information )
Raghav Steels                         ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4 and
                                                                                withdrawn
Philip D`Costa & Co                   ST Bk Fac          CARE A4        40      Reaffirmation
Rexon Strips Ltd                      ST Bk Fac          CARE A4        20      Reaffirmed
Sri Venkatachalapathy & Co            ST BkFac           CARE A4+       50      -
(Issuer not cooperating; Based on best available information )
Subhlaxmi Food Products               ST BkFac           CARE A4        4.5     -
(Issuer not cooperating; Based on best available information )
Surani Enterprises                    ST BkFac           CARE A4        60      -
(Issuer not cooperating; Based on best available information )
Synergy Power Equipment Pvt Ltd       ST Bk Fac          CARE A4        72.5    -
(Issuer not cooperating; Based on best available information )


LONG TERM RATINGS:
-------------------
Adinath Cold Storage Pvt Ltd          LT Bk Facility     CARE D         85      -
(Issuer not cooperating; Based on best available information )
Ans Pvt Ltd                           LT Bk Fac          CARE BBB-      112.5   Assigned
Ans Pvt Ltd                           LT / ST BkFac      CARE BBB-;     687.5   Assigned
                                                         Stable /CARE A3
Arsha Seafood Exports                 LT Bk Fac          CARE BB-       100     Assigned
Baba Hi- Tech Pvt Ltd                 LT Bk Fac          CARE BB; Stable85      Reaffirmed
Bharath Wind Farm Ltd                 LT Bk Fac          CARE D         39.2    Reaffirmed
Bhel Electrical Machines Ltd          LT Bk Fac          CARE BB        -       Revised   
                                                                                from
                                                                                CARE BB+
                                                                                And
                                                                                Withdrawn
Blessings Advertising Pvt Ltd         LT Bk Fac          CARE BB-       170     Revised from
                                                                                CARE BB
Brilliant Bio Pharma Pvt Ltd          LT Bk Fac          CARE BBB+;     596.4   Reaffirmed
                                                         Stable
(enhanced from 57.26 Crore)
Calyx Merlin Buildcon Llp             LT Bk Fac          CARE B; Stable;200     -
(Issuer not cooperating; Based on best available information )
Castron Technologies Ltd              LT Bk Fac          CARE BB;       100     Revised From
                                                         Stable;                CARE BB+
(Issuer not cooperating; Based on best available information )
Chomu Chandwaji Tollways Pvt Ltd      LT Bk Fac          CARE BB-;      222.4   -
                                                         Stable
Revoked from Non Cooperation and Revised from CARE B+
Diya Hygiene Flours Pvt Ltd           LT BkFac           CARE BB-;      50      Revised from
                                                         Stable                 CARE BB
Ecostar Goel Properties Llp           LT Bk Fac          CARE B; Stable;175     -
(Issuer not cooperating; Based on best available information )
Glory Products Pvt Ltd                LT Bk Fac          CARE BB; Stable80      Reaffirmed
Harrin Poultry Farm                   LT Bk Fac          CARE BB-;      95.2    Revised from
                                                         Stable                 CARE B+
(Reduced from 11.00 crore Crore)
Indus Projects Pvt Ltd                LT Bk Fac          CARE BBB-;     105     Reaffirmed
                                                         Stable
Issl Settlement & Transaction ServicesNon-fund based Bk  -              -       Withdrawn
Ltd                                   Fac (ST)
Jaisri Shyam Food Products Pvt Ltd    LT Bk Fac          CARE B+; Stable51.4    Reaffirmed
K.B.Board Mills Llp                   LT Bk Fac          CARE B; Stable;50      -
Issuer not cooperating; Revised from CARE B+; Stable; (Single BPlus; 
Outlook : Stable) on the basis of best available information
Kanhaiya Lal Agarwal                  LT Bk Fac          CARE BB-;      40      Revised from
                                                         Stable;                CARE BB
(Issuer not cooperating; Based on best available information )
Kare Power Resources Pvt Ltd          LT Bk Fac          CARE BBB-      686.4   Reaffirmed
(reduced from 69.15 crore Crore)
Locuz Enterprise Solutions Ltd        LT Bk Fac          CARE BB+;      70      -
                                                         Stable
(Issuer not cooperating; Based on best available information )
Mahalaxmi Traders                     LT Bk Fac          CARE BB; Stable90      Reaffirmed
Mithra Yarns Pvt Ltd                  LT BkFac           CARE B; Stable 55      -
Issuer not co-operating; Revised from CARE B+ on the basis of of best available information
Mittal Pigments Pvt Ltd               LT BkFac           CARE BB-;Stable200     Reaffirmed
Morgan Credits Pvt. Ltd.              NCD                CARE BBB-;     1063*   Re-affirmed
                                                         Stable
(reduced from Rs.800 crore Crore). 
*Prepaid Rs. 693.7 crore on September 23, 2019, October 4, 2019 and November 20, 2019
Musaddilal Mansaram Rice Mill         LT Bk Fac          CARE B; Stable;2       -
(Issuer not cooperating; Based on best available information )
N.B. Commercial Enterprises Ltd       LT/STBk Fac        CARE BBB (CE); 250     Revised from
                                                         Negative/CARE          CARE BBB
                                                         A3 (CE)
Nhj Infra Pvt Ltd                     LT Bk Fac          CARE B; Stable 32.5    Revised from
                                                                                CARE B+
(Issuer not cooperating; Based on best available information )
Nhj Infra Pvt Ltd                     LT/ST Bk Fac       CARE B;        45      Revised from
                                                         Stable/CARE A4;        CARE B+
(Issuer not cooperating; Based on best available information )
Nifty Technologies                    LT/ST Bk Fac       -              -       Reaffirmed at
                                                                                CARE D/CARE D
(Issuer not cooperating; Based on best available information )
Nithya Tobaccos                       LT Bk Fac          CARE D         120     -
(Issuer not cooperating; Based on best available information )
North Bihar Highway Ltd               LT Bk Fac (TL) -   CARE A-        2519.8  Reaffirmed
                                      Senior Debt
(reduced from 256.38 Crore)
North Bihar Highway Ltd               NCD issue          CARE A-        1878.2  Reaffirmed
(reduced from 189.96 Crore)
North Bihar Highway Ltd               LT Bk Fac(TL) -    CARE BBB+      72.5    Reaffirmed
                                      Subordinate Debt
(reduced from 14.50 Crore)
Northern Arc 2019 Cv Siddig           Series A1 PT#      ProCARE A (SO) -       -
(Originator: Ikf Finance Ltd)
#Both the PTCs are rated on Ultimate Payment basis
Northern Arc 2019 Cv Siddig           Series A2 PTC#     ProCARE A- (SO)-       -
(Originator: Ikf Finance Ltd)
#Both the PTCs are rated on Ultimate Payment basis
Paras Bhavani Steel Pvt Ltd           LT Bk Fac          CARE D         502.4   -
Issuer not cooperating; Revised from CARE C (Single C) on the basis of best available
information
Paras Bhavani Steel Pvt Ltd           ST Bk Fac          CARE D         220     -
Issuer not cooperating; Revised from CARE A4 (A Four) on the basis of best available information
Paras Gottam And Company              LT/STBk Fac        CARE B+;       100     Reaffirmed
                                                         Stable/CARE A4
Parul Arogya Seva Mandal Trust        LT Bk Fac (TL)     -              -       Withdrawn
Parul Arogya Seva Mandal Trust        LT Bk Fac (Non-FB  -              -       Revised to
                                      Fac)                                      CARE BB+
Issuer not cooperating; Revised from CARE A4 (A Four) on the basis of best available information
Pawan Kumar Kanoi                     LT Bk Fac          CARE BB-;      120     Revised From
                                                         Stable;                CARE BB
Issuer not cooperating; Revised from CARE A4 (A Four) on the basis of best available information
Philip D`Costa & Co                   LT Bk Fac          CARE B+; Stable35.4    Reaffirmation
(Reduced from 3.67 Crore)
Plastomatic Industries                LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE B+
Raghav Steels                         LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB
Rexon Strips Ltd                      LT Bk Fac          CARE BB-;      220     Revised from
                                                         Stable                 CARE B+
Sadhana Suitings Pvt Ltd              LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE B+
Sardar Poultry Farm                   LT Bk Fac          CARE B; Stable;54.8    Revised From
                                                                                CARE B+
(Issuer not cooperating; Based on best available information )
Satin Housing Finance Ltd             Proposed           CARE BBB       200     Assigned
                                      Subordinated Debt
                                      issue
Sayaji Ingritech Llp                  LT BkFac           CARE BBB (CE); 31.9    Revised from
                                                         Negative               CARE BBB
Sayaji Ingritech Llp                  LT/ST Bk Fac       CARE BBB (CE); 30      Revised from
                                                         Negative/CARE          CARE BBB
                                                         A3 (CE)
Sayaji Seeds Llp                      LT/STBk Fac        CARE BBB (CE); 90      Revised from
                                                         Negative/CARE          CARE BBB
                                                         A3 (CE)
Shanti Construction (Guj.) Pvt Ltd    LT Bk Fac          -              -       Withdrawn
Shanti Construction (Guj.) Pvt Ltd    LT Bk Fac          CARE BBB-;     159*    Reaffirmed
                                                         Stable                 and outlook
                                                                                revised 
                                                                                from
                                                                                Positive
*Rating assigned to Long Term Bank Facilities (Capex LC) of Rs.15.75 crore has
 been withdrawn as part amount (Rs.6.27 crore) has been converted into Term Loan
 and balance amount has been surrendered by the company. 
Shanti Construction (Guj.) Pvt Ltd    LT / ST BkFac      CARE BBB-;     770     Reaffirmed
                                                         Stable /CARE A3        and outlook
                                                                                revised from
Positive
Sri Sai Educational Trust             LT Bk Fac          CARE B; Stable 46.8    Assigned
Sri Venkatachalapathy & Co            Long -term BkFac   CARE BB-       100     -
Issuer not cooperating*;Revised from CARE BB; Stable(Double B; Outlook: Stable)
Based on best available information
Subhlaxmi Food Products               LT BkFac           CARE BB-;      9.1     -
                                                         Stable
(Issuer not cooperating; Based on best available information )
Subhlaxmi Food Products               Long/ST BkFac      CARE BB-;      80      -
                                                         Stable/CARE A4,
(Issuer not cooperating; Based on best available information )
Surani Enterprises                    LT BkFac           CARE B+;Stable;15      -
(Issuer not cooperating; Based on best available information )
Synergy Power Equipment Pvt Ltd       LT Bk Fac          CARE BB; Stable40      -
(Issuer not cooperating; Based on best available information )
Vatika Infracon Pvt Ltd               NCD (NCD) issue    CARE C; Stable 1289    Revised from
                                                                                CARE BB-
Vatika Ltd                            LT BkFac           CARE C; Stable 1973.7  Revised from
                                                                                CARE BB
Vatika Seven Elements Pvt Ltd         LT BkFac           CARE B; Stable 2250    Revised from
                                                                                CARE BB @
@ Backed by unconditional and irrevocable corporate guarantee from Vatika Limited
Vistacore Infraprojects Pvt Ltd       LT Bk Fac          CARE D         300     -
(Issuer not cooperating; Based on best available information )
Vivriti Mithrandir 08 2019 (Originator Series A PTC      CARE AA+ (SO)  -       Final Rating
Ikf Finance Ltd)                                                                Assigned
--------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

CARE may apply + or - signs for ratings to reflect a comparative standing within the category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures.

(Mumbai Rate Reporting Unit + 91 22 6180 7222/3317 7222, E-mail at rru.data@thomsonreuters.com)
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